Don't Make These Four Common Tax Mistakes

Although the IRS says that anybody with basic understanding of high school math can do their taxes, things can get really complicated really quickly.

Let’s take a look at some of the most common mistakes that are made during tax season.

1. Don’t Over Complicate Your Taxes

Most websites will start their list of tax preparation errors by pointing out that you can deduct some medical expenses, but you should stop before you get that far. Before you start poring over receipts and charitable contributions, make sure you're not leaving money on the table with the "standard deduction."

The standard deduction is the IRS's baseline for what an average person spends on deductible expenses. In 2017, this amount is $6,350 for a single person, $9,350 for a head of household, and $12,700 for a married couple that's filing jointly. The IRS Form 1040 can help you determine if you should itemize or take the standard deduction.

There are six categories on it: medical expenses, taxes, interest, gifts to charity, casualty and theft losses, and work expenses. Before you start itemizing, take a moment and make a ballpark estimation. None of these expenses can include costs that someone paid for you, like insurance in the case of medical expenses or employer reimbursement in the case of work expenses.